Chevron 2007 Annual Report Download - page 70

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68 
Colonial Pipeline Company Chevron owns an approximate
23 percent equity interest in the Colonial Pipeline Company.
The Colonial Pipeline system runs from Texas to New Jersey
and transports petroleum products in a 13-state market. At
December 31, 2007, the company’s carrying value of its invest-
ment in Colonial Pipeline was approximately $580 higher
than the amount of underlying equity in Colonial Pipeline
net assets.
Chevron Phillips Chemical Company LLC Chevron owns
50 percent of Chevron Phillips Chemical Company LLC
(CPChem), with the other half owned by Conoco Phillips Cor-
poration. At December 31, 2007, the company’s carrying value
of its investment in CPChem was approximately $60 lower
than the amount of underlying equity in CPChem net assets.
Dynegy Inc. In May 2007, Chevron sold its 19 percent com-
mon stock investment in Dynegy Inc., a provider of electricity
to markets and customers throughout the United States, for
approximately $940, resulting in a gain of $680.
Other Information “Sales and other operating revenues” on
the Consolidated Statement of Income includes $11,555,
$9,582 and $8,824 with affiliated companies for 2007, 2006
and 2005, respectively. “Purchased crude oil and products”
includes $5,464, $4,222 and $3,219 with affiliated companies
for 2007, 2006 and 2005, respectively.
“Accounts and notes receivable” on the Consolidated
Balance Sheet includes $1,722 and $1,297 due from affiliated
companies at December 31, 2007 and 2006, respectively.
“Accounts payable” includes $374 and $262 due to affiliated
companies at December 31, 2007 and 2006, respectively.
Petroboscan Chevron has a 39 percent interest in Petroboscan,
a joint stock company formed in 2006 to operate the Boscan
Field in Venezuela until 2026. Chevron previously operated
the field under an operating service agreement. At December
31, 2007, the company’s carrying value of its investment in
Petroboscan was approximately $310 higher than the amount
of underlying equity in Petroboscan net assets.
Angola LNG Ltd. Chevron has a 36 percent interest in Angola
LNG, which will process and liquefy natural gas produced in
Angola for delivery to international markets.
GS Caltex Corporation Chevron owns 50 percent of GS
Caltex, a joint venture with GS Holdings. The joint venture,
originally formed in 1967 between the LG Group and Caltex,
imports, refines and markets petroleum products and petro-
chemicals predominantly in South Korea.
Caspian Pipeline Consortium Chevron has a 15 percent
interest in the Caspian Pipeline Consortium (CPC), which
provides the critical export route for crude oil from both
TCO and Karachaganak. At December 31, 2007, the com-
pany’s carrying value of its investment in CPC was about
$50 higher than the amount of underlying equity in CPC
net assets.
Star Petroleum Refining Company Ltd. Chevron has a 64 per-
cent equity ownership interest in Star Petroleum Refining
Company Limited (SPRC), which owns the Star Refinery
in Thailand. The Petroleum Authority of Thailand owns the
remaining 36 percent of SPRC.
Escravos Gas-to-Liquids Chevron Nigeria Limited (CNL) has
a 75 percent interest in Escravos Gas-to-Liquids (EGTL) with
the other 25 percent of the joint venture owned by Nigeria
National Petroleum Company. Sasol Ltd provides 50 percent
of the venture capital required by CNL as risk-based financing
(returns are based on project performance). This venture was
formed to convert natural gas produced from Chevron’s Niger-
ian operations into liquid products for sale in international
markets. At December 31, 2007, the company’s carrying value
of its investment in EGTL was about $25 lower than the
amount of underlying equity in EGTL net assets.
Caltex Australia Ltd Chevron has a 50 percent equity
owner ship interest in Caltex Australia Limited (CAL).
The remaining 50 percent of CAL is publicly owned. At
December 31, 2007, the fair value of Chevron’s share of
CAL common stock was approximately $2,294. The aggre-
gate carrying value of the company’s investment in CAL was
approximately $50 lower than the amount of underlying
equity in CAL net assets.

Notes to the Consolidated Financial Statements
